SFB 303 Discussion Paper No. A - 290
Author: Karni, Edi, and David Schmeidler
Title: Utility Theory with Uncertainty
Abstract: In the present survey we review the theories of von Neumann-Morgenstern and Savage and trace the more
recent developments. Limitation of space prevent us from dealing with theoretical developments, also motivated
in part by experimental evidence, that depart from the transitivity or the completeness axiom. We have tried to
present what seems to us the central conceptual developments of the last decade, in each case illustrating the
main ideas with one or two concrete results. The paper is organized as follows: In Sections 2, 3, and 4 we deal
with the presentation of preferences under risk. In sections 5 and 6 we deal with the presentation of preferences
under uncertainty. In section 7 we deal with the issue of measurement of decision makers' attitudes towards risk.
Keywords:
JEL-Classification-Number:
Creation-Date: May 1990
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